ITHACA, N.Y. — A startup company based in Ithaca captured the $150,000 grand prize in FuzeHub’s 2025 commercialization competition, which was held as part of the New York State Innovation Summit in Rochester in late October.
FuzeHub is an Albany–based nonprofit that is focused on empowering small and medium-sized manufacturing and technology companies in New York State
The company called REEgen — which was spun out of Cornell University — describes its work as “transforming the way the world gets its critical minerals — the lesser-known metals that drive modern life,” per the FuzeHub announcement.
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In particular, REEgen is focused on recovering rare earth elements (REEs), which are essential for making strong, lightweight magnets that power everything from electronics, your car’s power steering system, to wind turbines. Its product is called BioREEcovery Scale Up.
“As New York continues to invest in technology innovation, FuzeHub is honored to help entrepreneurs move their creative ideas onto successful products,” Patty Rechberger, Innovation Fund manager at FuzeHub, said. “This year’s competition drew inspiring talent from across the state, and this funding helps accelerate their journey from concept to commercialization. We’re excited to support their growth and follow the positive impact they bring to the world.”
Twelve entrepreneurs from across New York state competed for a chance to win one of four awards. The grand prize-winning company took home $150,000, the runner-up secured $100,000, one team received $80,000, and two more teams received $60,000 each toward their startups.
GynStrong, Inc. from the Mid-Hudson region was the runner-up and was awarded $100,000, and FuzeHub also awarded $80,000 to CryoBio, Inc., which is based in Ithaca.
In addition, two additional teams will receive $60,000 each toward their startup ventures. They include IVSonance Biomedical Inc., which is based in Ithaca, as well as TunaBotics LLC, which is based in Syracuse.
The commercialization competition occurs yearly as part of the FuzeHub Jeff Lawrence Innovation Fund, which has the support of Empire State Development. The office of Gov. Kathy Hochul provided additional funding for higher prize amounts in the competition, FuzeHub said.
